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RE business in Chennai collapsing

Last updated: August 17 2009
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  • Re : RE business in Chennai collapsing

    Originally posted by chataara View Post
    Friends,

    The peak time for Chennai Real estate in chennai is over.

    If chennai RE is at peak anyone can sell their property in no time.
    In 2007 everyone was running after land. It was like getting 'sundal' at vinayagar temple.
    Banks also gave loan like giving 'sundal' at temples. Now banks are not able to get back the loan amount.
    They dont know for sure the amount of non performing loans.
    Banks are in denial mode in giving loans. Not only that. people also are not in loan ing mood.
    They have lost their confidence about repaying the loans.
    Those who have accumulated black money dont want to invest in 'non performing' properties.
    Because of various reasons like these, peak time for Real estate in chennai is over.

    Everywhere owners are telling rate at their will. Its like telling "Ayiram... rendayiram... naalayiram....".
    Those who realised the facts are gradually reducing the price. But in most of the cases, plots are lying unsold.

    If one is willing to sell a plot, and if there are many ers we can say there is demand.
    If there is demand from many sides, there will be price escalation.
    But no demand... No increment in price. But rebate sale has started without ers.
    thanks
    chataara

    chataara
    Dear friend,

    Nothing is peak or bottom and these are dynamic. Peaks will bottom down and bottoms will peak up in the course of time. Ups and downs are necessities in life and so also in every field except one's age which only can increase and no decrease. A peak now may not be the peak for ever and so also is the case of bottom. New peaks will come so also the bottoms. If one locates a dream flat of his, today is also not a bad day to hard negotiate and decide, particularly for his own use.

    ks2071746:p

    Comment


    • Re : RE business in Chennai collapsing

      with awareness, unapprovable lands are no more in demand

      Originally posted by Nataraajg007 View Post
      Chatara has clearly stated prices have come dowm from 25 L to 16L. If this is not a fall, then what is a fall.

      By the way there are thousands of houses in chennai which are built in 600 sqft. If you demolish all, the half of chennai wil go
      houses built before certain period are considered as approved. over these years there never was a problem with deviation and all used to deviate withou a care. the scenario now is different in case you want to build a new house in 600 sq ft you wont get approval and hence a loan and always the sword of damoc... hanging never know when the electricity and metro water will pull your connection.its a waste piece of land . get it. if somebody bought
      at 25 L then, must be a fool.

      discuss prices of good lands not unapproved and poromboke lands.

      and as per chataara their were six listings and only this was showing a fall what about the others? if they had been quoting lesser prices chataara would have defn. posted it before.

      Comment


      • Re : RE business in Chennai collapsing

        Originally posted by abk View Post
        you cannot get approval for 600 sq ft.it was never sellable easily peak or slump. it is a waste piece of land and still being quoted 16 l i.e 64l/gnd

        where is the fall.
        Dear friend

        this the quoted price. Not the final price.

        Moreover, I have not seen any broker writing the rate on the blackboard to entice the b uyer.

        This shows the urgency and stagnancy of the lands in and around chennai.

        thanks

        chataara

        Comment


        • Re : RE business in Chennai collapsing

          Originally posted by Nataraajg007 View Post
          Chatara has clearly stated prices have come dowm from 25 L to 16L. If this is not a fall, then what is a fall.

          By the way there are thousands of houses in chennai which are built in 600 sqft. If you demolish all, the half of chennai wil go
          Dear friend

          Probably Mr. ABK may be living in some other land outside of chennai.

          majority of chennai residents are living in smaller houses only. This is the fact. You can realise this if U see with plain eyes without wearing any dark specs.

          Thanks

          chataara

          Comment


          • Re : RE business in Chennai collapsing

            Originally posted by abk View Post
            houses built before certain period are considered as approved. over these years there never was a problem with deviation and all used to deviate withou a care. the scenario now is different in case you want to build a new house in 600 sq ft you wont get approval and hence a loan and always the sword of damoc... hanging never know when the electricity and metro water will pull your connection.its a waste piece of land . get it. if somebody bought
            at 25 L then, must be a fool.

            discuss prices of good lands not unapproved and poromboke lands.

            and as per chataara their were six listings and only this was showing a fall what about the others? if they had been quoting lesser prices chataara would have defn. posted it before.

            Dear friend

            I was just waiting for the signal when I noticed this. I could not read all the details fully.

            If you go that side U can see the black board while coming from porur towards vadapalani. This shop is leftside

            thanks

            chataara

            Comment


            • Re : RE business in Chennai collapsing

              Originally posted by chataara View Post
              Dear friend

              this the quoted price. Not the final price.

              Moreover, I have not seen any broker writing the rate on the blackboard to entice the b uyer.

              This shows the urgency and stagnancy of the lands in and around chennai.

              thanks

              chataara
              stagnancy and correction are there it is the 'crash'( you tomtom so much about) i am searching for.
              help me end my search. show me the crash in chennai.i am not in denial mode i am on 'lookout' mode.
              and i appreciate your comprehension about a black board being used to advertise as a harbinger of the crash.(i thought there was something called creativity/ingenuity/idiosyncracy or plain common sense-obviously you dont agree any of these to be a reason for the black board)

              Comment


              • Re : RE business in Chennai collapsing

                Originally posted by chataara View Post
                Dear friend

                Probably Mr. ABK may be living in some other land outside of chennai.

                majority of chennai residents are living in smaller houses only. This is the fact. You can realise this if U see with plain eyes without wearing any dark specs.

                Thanks

                chataara
                i dont know why CMDA does not know this and insists on minimum 964 sq ft of land(I master plan) which has been reduced by about 10% now.
                the CMDA was formed in 1971 and till date it has approved thousands of plans and none below 964 sq ft.may be I am from mars but definitely i know chennai like the back of my hand.
                (if you have not understood- the land size should be minimum 964 sq ft not the building you can build even 400 sq ft house and build more than one house in 964 sq ft-get it.)

                Comment


                • Re : RE business in Chennai collapsing

                  Friends,

                  Have a look at the following.

                  The Customer Confidence Index is at its all time low in India.

                  The Customer Confidence Index (CCI) is defined as the degree of optimism on the state of the economy that consumers are expressing through their activities of savings and spending. It is a crucial tool that enables the user to understand the consumer’s mindset and thus make an informed assessment about the future course of the economy.
                  CNBC-TV18 Boston Analytics Consumer Confidence Index has come down by 3% at 77.6 in February. The Confidence Index is down 22.4% since its inception in January 2008.

                  The Confidence Indices are at their lowest levels since its inception in January 2008.

                  Further, CNBC-TV18 Boston Analytics February Futures Sentiment Index is down 2.9% at 77.8 month-on-month while the Future Index for February is down 2.9% over January 2009.

                  However, the Employment Confidence Index for February is marginally up against January.
                  These are clear indications of slowdown in India and proof of negative market sentiment among customers.

                  People who can purchase are not procuring.More people are adopting wait and watch, thus leading to slump in demand across all industries.
                  Last edited March 12 2009, 01:59 AM.

                  Comment


                  • Re : RE business in Chennai collapsing

                    ]http://epaper.timesofindia.com/Default/Client.asp?Daily=TOICH&login=default&Enter=true&Sk in=TOI&GZ=T&AW=1236831808156[/URL]

                    check this news in TOI, about the rentals coming down in chennai. sign of slow down

                    Comment


                    • Re : RE business in Chennai collapsing

                      Originally posted by chataara View Post
                      Dear friend

                      Probably Mr. ABK may be living in some other land outside of chennai.

                      majority of chennai residents are living in smaller houses only. This is the fact. You can realise this if U see with plain eyes without wearing any dark specs.

                      Thanks

                      chataara
                      Yes, people living outside chennai may not be knowing the exact present conditions,requirements & realities of chennai

                      Comment

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